Quiz AKM IKI-6

What is the main difference between notes receivable and accounts receivable?

• Notes receivable have a longer term than accounts receivable

• Notes receivable have clearer legal power than accounts receivable

• Accounts receivable always incur interest, while notes receivable do not

• Notes receivable are only used in international transactions

• Accounts receivable can be sold to banks like notes receivable

If a note is issued on January 15, 2024, with a term of 3 months, when is the due date?

• April 15, 2024

• April 14, 2024

• April 16, 2024

• March 15, 2024

• March 14, 2024

A promissory note with an interest rate of 10% with a nominal value of Rp20,000,000 and a term of 120 days. How much interest must be paid at maturity?

• Rp600,000

• Rp2,000,000

• Rp666,667

• Rp800,000

• Rp1,000,000

What is the accounting treatment if a promissory note matures but cannot be paid by the debtor?

• Record as a loss and write off immediately

• Convert to accounts receivable and continue to collect from the debtor

• Sell to the bank at a discount

• Record as interest income

• Remove from the financial statements without further recording

A note with a 12% interest rate matures on May 30, 2024, but is discounted at the bank on April 15, 2024, at a discount rate of 15%. If the nominal value of the note is Rp25,000,000, what is the amount of discount charged by the bank?

• Rp104.167

• Rp125.000

• Rp156.250

• Rp187.500

• Rp250.000

If a note has a term of more than one year, how should it be recorded in the financial statements?

• As current assets

• As interest income

• As short-term liabilities

• As non-current assets (long-term receivables)

• As interest expenses

What is the main purpose of discounting a note?

• To remove the note from the company's books

• To avoid interest payments by the debtor

• To reduce the company's tax burden

• To convert the note into long-term debt

• To accelerate cash receipt for the note holder

A company receives a note receivable worth Rp30,000,000 with an interest rate of 18% and a term of 6 months. If at the end of the fiscal year the note has not matured, how much interest should be recorded in the adjusting journal for the first 4 months?

• Rp900,000

• Rp1,200,000

• Rp1,350,000

• Rp1,800,000

• Rp2,700,000

Who has a note payable in a note transaction?

• The issuer of the note who owes money

• The recipient of the note who provides the loan

• The bank that discounts the note

• The party that buys the note from the holder

• The accountant who records the transaction

If a note is issued on August 31, 2023, with a term of 2 months, when is the due date?

• October 30, 2023

• November 2, 2023

• November 1, 2023

• October 31, 2023

• November 3, 2023